BOAO – Promoting internal growth drivers is the new trend in Asia's open economic development, said Chinese Vice Premier Li Keqiang on Monday.
"While continuing to unleash its comparative advantages in global competition, it is important for Asia to explore and expand markets of domestic demand," said Li while delivering a keynote speech at the opening ceremony of the 2012 annual meeting of the Boao Forum for Asia (BFA).
The three-day forum is being held in Boao, a scenic town on the eastern coast of Hainan -- the southernmost island province.
Li said that Asia has its unique advantages in seeking internal growth drivers as it is home to around 45 percent of the world's population, which means a huge potential in their domestic markets.
In addition, most Asian countries are developing countries. Development is uneven both inside individual countries and among them, which also gives them room to seek further internal growth.
Asia, which accounts for over 30 percent of global GDP, also enjoys a remarkable edge in human resources, as it has the world's largest labor force and largest pool of engineers and scientific researchers, he said.
While maintaining measured investment, Asia should fully tap the potential of consumer spending, technological upgrading and improvement of labor skills, Li said.
Li said that the underlying impact of the global financial crisis exists and the debt crisis in Europe persists, despite that some countries have already showed signs of recovery.
"Achieving a full global recovery will remain a long and arduous process," he said.
However, Li said that by exploring internal development, Asia's economy will be able to achieve robust, sustainable and balanced growth.